Crude Prices Maintain Steady Rise for 5th Month, OPEC Reports

*The OPEC headquarters, Vienna, Austria.
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By Ngozi Ekhator

The Organisation of Petroleum Exporting Countries (OPEC), has celebrated the 5th month of steady crude price at the spot market, the agency reported April 13 in a statement.

OPEC in it’s report said: “Spot crude prices rose for the fifth-consecutive month in March on the back of continuing supportive oil market fundamentals.”

It added that the “OPEC Reference Basket (ORB) increased $3.51or 5.7% m-o-m to average $64.56/b, the highest on monthly terms since January 2020. In the first three months of 2021, the ORB was up by $8.82, or 17.2% to average $60.22/b.”

It revealed that “Crude oil futures prices were higher in March extending previous monthly gains.

“The ICE Brent front month rose by $3.42 in March, or 5.5%, to average $65.70/b, and NYMEX WTI increased by $3.30, or 5.6%, to average $62.36/b”.

*See graphic details of the report…

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